Invest Securities reaffirms its 'buy' recommendation on Gecina, with a price target lowered from €118 to €114, citing a first-half 2023 performance deemed 'encouraging for future distributions'.

'The very satisfactory +7.5% rise in RNR per share has certainly benefited from strong indexation and continued strong reversion, but also from good operational and strategic management', stresses the analyst.

The 4.5% decline in office values over the past six months is likely to continue over the coming six months, but we believe that distribution capacity remains intact, against a backdrop of high visibility on five-year financial costs", he continues.

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